Barbara Corcoran: When And How To Buy Your First Home
January 6, 2019
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as posted by the channel"You've got to get in the game" and buy your first home early, says self-made millionaire Barbara Corcoran, who made her fortune in real estate.
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Corcoran has regrets about how and when she got started. “When I bought my first studio in New York City, I got cold feet and didn’t close and relinquished a 10 percent deposit which took me three years to save,” she says. “And you want to know what happened? I couldn’t get back into the market for almost eight years.”
That meant that “by the time I had the money for a one-bedroom, it only bought a studio, and it just went on and on and on and left me behind,” she continues. “What I learned from that experience is: The minute you can afford something, plunk the money down and get in there.”
If you’re excited and in good shape to buy, Corcoran says these are the five steps to take.
1. Check your credit score
2. Figure out what you can afford
3. Budget for closing costs
4. Shop in the right area
5. Get pre-approved for a mortgage
Read more of her tips here
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Barbara Corcoran: Here’s when to buy your first home—and how to do it | CNBC Make It.
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